FOCUSED A Responsible California Energy Partner Scan with phone camera MAY 2021 to browse to IR Reports Page INVESTOR PRESENTATION
Our Long-Term Strategy Live out of Levered Free Cash Flow1 Maintain low leverage profile Return capital to shareholders Focus on attractive organic and strategic growth through cycle 1 LeveredFree Cash Flow = Adjusted…
Framework for Success Focus on Creating Long-Term Value Levered Free Cash Flow1 Capital program funded from Levered Free Cash Flow1 - today and into the future Maintain current production as appropriate in the cycle and pay…
Framework for Success Powered by Our Principles and Assets Highly Oil-Weighted Brent pricing + stable operational costs = High Oil Margins Q1 2021 production 88% oil Operational Control and Stable Cost 2021 production estimated at…
Our Financial Policy Prudent Balance Sheet Management Target Net Debt to EBITDA of 1.0 2.0x or lower through commodity price cycles Deleveraging through organic growth and excess free cash flow Return Capital to Shareholders via…
Planning for Success in California Every barrel we produce is one less barrel imported Grasstops outreach Aggressive outreach team Lobbyist in Sacramento Well-known holistic energy expert for grasstops/grassroots Grassroots outreach…
Operational Commitment to ESG Board oversight of ESG risks and opportunities Internal cross-functional ESG Steering Committee Proactive engagement across stakeholder groups, including employees, legislators and regulators,…
Berry Overview Conventional properties in California, Utah and Colorado California Q1 production of 21,900 Boe/d California Production: 100% Oil Oil Gas NGL Proven management team Established track record of leading public companies…
Kern County & CA Still Top Oil Producers 6 10.6MM barrels/mo. AK 3 ND 13.9MM barrels/mo. Top 7 Oil Producing States2 MMBbl/Month Texas 144.6 North Dakota 34.4 Top 8 Oil Producing New Mexico 33.8 Alaska 14.4 Counties in…
Focused on Our California San Joaquin Basin Assets Thermal Non-Thermal Thermal Sandstones Diatomite Diatomite Poso Creek South Belridge Population Density1 McKittrick People/Sq Mile 2,420 N. Midway Sunset S. Midway…
The Berry Advantage - Ease of Operations Resource / Shale Companies Decades of History Production History Still Learning Low Production Declines High Lower IP Rates Higher Low Capital and Service Cost Intensity Higher…
Californias Oil Market is Isolated From Rest of Lower 48 - There are no major crude oil pipelines connecting California to the rest of the US. Advantaged Oil Pricing Refineries - Bay Area Crude Capacity Refinery Name (MBbl/d)…
Stable and Improved Cost Structure Q1 2021 Q4 2020 11.00 Protect the base 11.00 3.39 1.32 6.07 Dividends 3.49 Interest 4.43 5.50 Adjusted G&A2 3.93 Taxes, other than income taxes 19.06 Operating Expenses 1…
We Have Significant Financial Flexibility Through the Price Cycle The Plan* at Each Price - Brent 60 Accelerate development program, pursue accretive bolt-ons and 120 acquisitions, pay dividend, Jun 2014, 114 explore returning…
Prudent & Proactive Commodity Price Risk Management Oil hedging volumes in MBbl / day as of 4/30/2021 19 MBbl / day 14 MBbl / day 14 MBbl / day 3 MBbl / day Q2 Q3 Q4 2022 Brent Swaps 45.82 48.66 48.66 60.00 May…
Prudent & Proactive Commodity Price Risk Management Purchased Gas hedging volumes in MMBtu/day As of 4/30/2021 52,500 MMBtu / day 52,500 MMBtu / day 22,663 MMBtu / day (52,500 MMBtu/day in Oct21) Q2 Q3 Q4 Kern,…
Reconciliation of Non-GAAP Measures For reconciliations of Non-GAAP to GAAP measures and other important information see https://ir.berrypetroleum.com/non-gaap-reconciliations-to-gaap Appendix May 2021 19
Q1 2021 Q4 2020 Key Company Highlights Capital Expenditures 24mm 14mm Including Capitalized Overhead Including Capitalized Overhead Wells Drilled 100% California development 50 100% California development 22 Production Mboe/d…
Understanding Cyclical Steaming Types & VS. . Sandstone Producer Sandstone Injector Thermal Diatomite Berrys South & North Midway Sunset, McKittrick, Berrys North-Midway Sunset field Poso Creek, Placerita Fields & Hill Lease…
Time to Peak Production Drilling % of 2021 Facility Hook-up Planned Single Well Package Wells1 Steaming Peak Production 14 boe/d 80-85% Sandstone Producer Number of Wells Single Well Package 8-10% 38 boe/d Sandstone…
California Permitting Process Well UIC Permit Drilling Permit AE Permit Stimulation Permit Obtained in development areas. Obtained in all fields except Working with agencies Ongoing Proceeding in expansion areas MWSS where it is…
Drilling Activity by Well Type 2021 50 5 45 0 0 0 Q1 Q2 Q3 Q4 Well Types Thermal Diatomite Sandstone Sandstone Producers Producers Injectors Uinta Delineation May 2021 24
Status of 2021-2022 CA Legislation Bill Date Introduced Status Potential Impact on Berry AB 3214 - Oil spills, penalties 2/21/2020 Signed into Law 2020 Moderate Passed out of SNR SB 47 (Limon) Orphan and idle wells intent bill…
California Legislation 101 California has a bicameral legislature, which means there are two chambers: the Assembly and the Senate. The Assembly has 80 members: currently 60 Democrats, 19 Republicans and one Independent. All 80 seats…
Odd-Year CA Legislative Calendar Highlights (2021) Jan 1, Jan 10 Feb 19 June 15 Sept 10 2022 Final Recess Last day for Last day for Last Day to Last Day for Last Day for Legislature Budget Bill pass Statutes Take Budget to…
Our COVID-19 Response Berry continues to closely monitor the continuing concerns, guidelines, and recommendations regarding the spread of the novel coronavirus (COVID-19). During this unsettling time, the health and safety of our…
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